4 ms·

Doesn't it seem like they should sell the amount of Bitcoins needed to pay off any debt in fiat and then distribute the remaining coins to each user proportiona

Doesn't it seem like they should sell the amount of Bitcoins needed to pay off any debt in fiat and then distribute the remaining coins to each user proportionally based on the amount they had on the exchange? Then you're not flooding the marking with 200k Bitcoins. Also, MtGox users are losing substantial value in this deal since the value of a Bitcoin is pegged at $483 and they're now worth well over $2,500. MtGox shouldn't become solvent once they pay all Bitcoins owed at a $483 price, they should return the remaining value to each user proportionally. Doesn't this seem like the most logical/fair approach?

judofyr 9y ago
Converting all the claims to a single currency is the only logical approach. Keeping the claims separated leads to a bunch of difficult questions: - Should the BTC creditors only get money from the remaining BTC pool? - Assets (servers, offices etc) will be sold for Yen, should this money only be used to pay the Yen creditors? - Expenses are being used from the Yen pool at the moment. Does this mean Yen creditors would get less money? And let's not kid ourself: No one thinks about the value of Bitcoin in terms of "amount of BTC". Everyone converts it to dollars using the current exchange rate. It's not like there's a society where "50 BTC = big house", and now that you'll only get back 10 BTC (or whatever the ratio is) you can't buy that house anymore. You could argue about at what rate/date you should convert the BTC claims to Yen, but the only reason people complain now is that the price happens to be higher. I personally think it would be more fair to lock the price to the exchange rate when MtGox stopped trading. (Disclaimer: I have a 16k USD claim in MtGox)
- brianpgordon 9y ago
  > 50 BTC = big house You're killing me. I'm pretty sure that back when BTC was worth in the single digits of USD I had that many BTC in my account. I must have sold them for a pittance. It's so painful to just read the above words. A lot of people must feel this way because ICOs seem to be attracting a strangely large amount of capital. I guess psychologically nobody wants to miss the next big thing.
  - fjdlwlv 9y ago
    It's like baseball cards and comic books. If everyone held on their btc, they wouldn't be worth as much as they are. You may as well grumble that your lotto ticket didn't end up worth a million dollars
simon83 9y ago
Since when is it beneficial for multi million (billion?) companies to act in the interest of their customers? This isn't communism.
- fjdlwlv 9y ago
  You confuse "communism" with the rule of law, which capitalist societies follow
  - simon83 9y ago
    > the rule of law, which capitalist societies follow I'm not so sure about that... money makes the rules, and people are easy to buy. You can't tell me there is no shady stuff going on behind the scenes. I strongly believe that the majority of rich people are doing shady things to gain more money. Of course I have no evidence, but human behavior is predictable and it's obvious what's going on. Capitalism seems alright in theory. The problem is people and their selfishness. And no, I'm not for communism. Again, nice in theory but won't work if run by people. I don't think I'll ever experience a truly "fair" society in my life.
Mc_Big_G 9y ago
I don't know but, on the flip side, would it be logical/fair to do the same if bitcoin was currently priced at $3?
Grangar 9y ago
According to Japanese law the value is denominated in Yen at the time of bankruptcy. Therefore any payoff is to be in Yen. No source on hand for it right now though.

judofyr 9y ago

Converting all the claims to a single currency is the only logical approach. Keeping the claims separated leads to a bunch of difficult questions: - Should the BTC creditors only get money from the remaining BTC pool? - Assets (servers, offices etc) will be sold for Yen, should this money only be used to pay the Yen creditors? - Expenses are being used from the Yen pool at the moment. Does this mean Yen creditors would get less money? And let's not kid ourself: No one thinks about the value of Bitcoin in terms of "amount of BTC". Everyone converts it to dollars using the current exchange rate. It's not like there's a society where "50 BTC = big house", and now that you'll only get back 10 BTC (or whatever the ratio is) you can't buy that house anymore. You could argue about at what rate/date you should convert the BTC claims to Yen, but the only reason people complain now is that the price happens to be higher. I personally think it would be more fair to lock the price to the exchange rate when MtGox stopped trading. (Disclaimer: I have a 16k USD claim in MtGox)

brianpgordon 9y ago
> 50 BTC = big house You're killing me. I'm pretty sure that back when BTC was worth in the single digits of USD I had that many BTC in my account. I must have sold them for a pittance. It's so painful to just read the above words. A lot of people must feel this way because ICOs seem to be attracting a strangely large amount of capital. I guess psychologically nobody wants to miss the next big thing.
- fjdlwlv 9y ago
  It's like baseball cards and comic books. If everyone held on their btc, they wouldn't be worth as much as they are. You may as well grumble that your lotto ticket didn't end up worth a million dollars

simon83 9y ago

Since when is it beneficial for multi million (billion?) companies to act in the interest of their customers? This isn't communism.

fjdlwlv 9y ago
You confuse "communism" with the rule of law, which capitalist societies follow
- simon83 9y ago
  > the rule of law, which capitalist societies follow I'm not so sure about that... money makes the rules, and people are easy to buy. You can't tell me there is no shady stuff going on behind the scenes. I strongly believe that the majority of rich people are doing shady things to gain more money. Of course I have no evidence, but human behavior is predictable and it's obvious what's going on. Capitalism seems alright in theory. The problem is people and their selfishness. And no, I'm not for communism. Again, nice in theory but won't work if run by people. I don't think I'll ever experience a truly "fair" society in my life.

Mc_Big_G 9y ago

I don't know but, on the flip side, would it be logical/fair to do the same if bitcoin was currently priced at $3?

Grangar 9y ago

According to Japanese law the value is denominated in Yen at the time of bankruptcy. Therefore any payoff is to be in Yen. No source on hand for it right now though.